⚠️ Neutral
Listed
Construction
Central Mine Planning & Design Institute Limited IPO
₹1842 Cr · Offer for Sale (OFS) · Construction
Price Band
₹163 – ₹172
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹1842 Cr
Offer for Sale (OFS)
Market Cap
₹12280.80 Cr
At upper band
P/E Ratio
18.4x
P/S: 5.8x
Listing Date
30 Mar 2026
BSE & NSE
IPO Timeline
✓
Opens
20 Mar 2026
✓
Closes
24 Mar 2026
✓
Allotment
25 Mar 2026
✓
Refund
26 Mar 2026
✓
Listing
30 Mar 2026
IPO India Hub: Neutral
Conviction
5/10
The company trades at 0.8× sector midpoint with exceptional 31.7% net margins and 48.6% ROCE, meeting Subscribe criteria on valuation. However, revenue and PAT have contracted sharply over two years (−6.6% and −8.1% CAGR respectively), and the IPO is 100% OFS with weak 1.05× subscription, signaling promoter exit and lukewarm demand.
Listing Performance
Issue Price
₹172
Allotment price
Listing Price
₹162.8
-5.35% on listing day
Current Price (CMP)
₹215.2
+25.1% vs issue
Listed On
30 Mar 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Valuation discount to sector
At 18.4× P/E, the company trades at 0.8× the niche sector midpoint of 23×, placing it in the Subscribe zone. The 31.7% net profit margin far exceeds typical construction sector levels and justifies a premium multiple, yet the market is pricing it at a discount.
✓ Strength
Exceptional capital efficiency
ROCE of 48.6% and EBITDA margin of 42.1% demonstrate strong operational leverage and cash generation. These metrics reflect a highly profitable, capital-light business model typical of design and planning services.
⚠ Risk
Sharp revenue and profit decline
Revenue fell from ₹2,177.5 Cr (FY-1) to ₹1,543.9 Cr (FY0), a 29% drop. PAT contracted 36% over the same period, with 2-year CAGR of −8.1%, signaling deteriorating order flow or project execution challenges in the core mining consulting business.
⚠ Risk
100% offer-for-sale signals exit
The entire ₹1,842 Cr issue is OFS with no fresh capital raise, indicating promoter (Government of India/Coal India) is divesting rather than funding growth. Weak 1.05× subscription suggests institutional and retail investors lack conviction in near-term recovery.
₹ Valuation
Fair valuation masked by momentum
P/E of 18.4× and P/S of 5.8× appear reasonable against the 31.7% margin profile and 0.8× sector midpoint ratio. However, the valuation assumes stabilization of revenue; if the −6.6% CAGR trend continues, the multiple will re-rate downward, eroding post-IPO returns.
👁 Watch
Monitor order book and mining sector demand
Investors must track quarterly order inflows and execution rates post-listing. Any further contraction in mining consulting demand or delays in coal sector capex will validate the recent revenue decline and justify lower valuations.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Central Mine Planning & Design Institute Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹2102.76 Cr
Net Profit
₹666.91 Cr
Industry
Construction
Issue Type
Offer for Sale (OFS)
Promoters
PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF COAL, GOVERNMENT OF INDIA AND COAL INDIA LIMITED
Lead Managers
IDBI Capital Markets and SBI Capital Markets
Quick Actions
Frequently Asked Questions
Neutral. The company trades at 0.8× sector midpoint with exceptional 31.7% net margins and 48.6% ROCE, meeting Subscribe criteria on valuation. However, revenue and PAT have contracted sharply over two years (−6.6% and −8.1% CAGR respectively), and the IPO is 100% OFS with weak 1.05× subscription, signaling promoter exit and lukewarm demand.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹163 – ₹172.
The IPO opens on 20 Mar 2026. It closes on 24 Mar 2026. Allotment is expected on 25 Mar 2026. Refunds initiate on 26 Mar 2026. Listing on BSE and NSE is on 30 Mar 2026.
The lead managers for the IPO are IDBI Capital Markets and SBI Capital Markets. Check the SEBI filing for the registrar details.
The IPO listed on 30 Mar 2026 at ₹162.8 against an issue price of ₹172 (-5.35% on listing day). The current market price (CMP) is approximately ₹215.2 (25.1% vs issue).
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 24 Mar 2026. The company trades at 0.8× sector midpoint with exceptional 31.7% net margins and 48.6% ROCE, meeting Subscribe criteria on valuation. However, revenue and PAT have contracted sharply over two years (−6.6% and −8.1% CAGR respectively), and the IPO is 100% OFS with weak 1.05× subscription, signaling promoter exit and lukewarm demand.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 24 Mar 2026. The IPO is priced at a P/E of 18.4x. Market cap at issue price is ₹12280.80 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 24 Mar 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Central Mine Planning & Design Institute Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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